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‘No brainer’ that Arrium was failing when directors drew down funds, court told
Amy Munro 2022-08-02 11:09 pm By Cindy Cameronne Sydney

Several lenders have appealed a ruling that found they failed to prove steel giant Arrium falsified representations on loan drawdown notices ahead of its $2.8 billion collapse, saying it was a “no brainer” that the company was in dire straits when its directors sought extra funds.

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Mazda’s conduct not just ‘appalling customer service’ but unconscionable, ACCC says
Anna Garsia 2022-08-02 11:37 pm By Christine Caulfield

A judge was wrong to find that Mazda’s treatment of customers with faulty vehicles was appalling but not unconscionable, and nowhere in his ruling is there an explanation for the distinction, the consumer regulator has told an appeals court.

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ASIC won’t enforce $7.2M penalty against Dixon Advisory
ASIC 2022-08-02 11:49 pm By Sam Matthews Melbourne

The Australian Securities and Investments Commission will not seek to enforce a $7.2 million penalty agreed to by Dixon Advisory after admitting to the regulator’s allegations that it failed to act in its clients’ best interests.

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IAG hit with shareholder class action over COVID-19 risk disclosures
Article 2022-08-01 11:40 pm By Christine Caulfield

Insurance Australia Group faces a class action by shareholders over its disclosures connected to the impact of COVID-19 claims by policyholders.

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Slater & Gordon wins beauty parade, group costs order in Beach Energy class action
Alistair Pound 2022-08-01 2:28 pm By Cindy Cameronne Sydney

Slater & Gordon has defeated Shine Lawyers in a contest to run a shareholder class action against Beach Energy, with a judge finding Shine’s tiered contingency fee arrangement was “mere window dressing”.

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Bell Potter defeats $10M lawsuit over 1 minute trading call
Alexander Langshaw 2022-08-01 3:32 pm By Cindy Cameronne Sydney

Bell Potter has defeated a lawsuit by Nicholas Bolton’s Keybridge Capital over a 2015 phone call which lasted one minute and 18 seconds in which the investment firm was accused of committing its client to buy $10 million worth of shares in defunct Molopo Energy.

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Chubb falls short in $2.3M dispute over coverage for Inchcape ransomware attack
Contracts 2022-08-01 5:53 pm By Cindy Cameronne Sydney

A judge who lashed “unsatisfactory cooperation” between Chubb and British automotive distributor Inchcape has found the insurer’s policy covers some but not all costs stemming from a cyber attack which allegedly caused over $4 million in loss.

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Big Un auditor convicted of failing to comply with auditing standards
Accounting 2022-08-01 11:08 pm By Cat Fredenburgh

The lead auditor for Big Un’s flawed 2017 independent audit, which overstated the failed video company’s cash and cash equivalents by $8.2 million, has been convicted of failing to comply with auditing standards following an investigation by ASIC.

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NSW ICAC says pork barrelling could constitute criminal corruption
Public Corruption 2022-08-01 11:42 pm By Cat Fredenburgh

The NSW Independent Commission has found that pork barrelling, in which a minister directs public funds for partisan political purposes, could sometimes amount to criminal corruption and has called for better regulation of grants funding.

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Zurich won’t OK NZ apartments class action as it mulls High Court appeal
Australian Government Solicitor 2022-07-29 1:11 pm By Cindy Cameronne Sydney

Irish insurer Zurich Insurance has refused consent for a class action over a defective New Zealand apartment block to proceed in the NSW Supreme Court as it mulls a High Court challenge to the case.

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